International Insurance News Archives

Wawanesa Mutual Insurance Company achieves CSIO Billing eDocs Certification

December 20, 2021December 19, 2021 Marc

Wawanesa Mutual Insurance - Certification

This makes the insurer the first in the industry to have obtained this certification. The Wawanesa Mutual Insurance Company has received CSIO’s congratulations in becoming the first insurer to earn the organization’s Billion eDocs Certification. Certification demonstrates that the insurer has implemented Billing eDocs to CSIO Standards. Wawanesa Mutual Insurance Company’s certification states that the insurer has demonstrated that their Billing eDocs implementation is up to the Standards established by CSIO. Certification also means that Billing eDocs will exchange seamlessly between the insurer’s systems and those of Broker Management Systems…

Insurance industry joins global shipping decarbonization effort

December 16, 2021December 15, 2021 Nordstrom

Insurance industry - Shipping - Boats - marine

Leading marine insurers have joined a broader worldwide initiative to cut carbon emissions. Top marine insurance industry companies have now entered into the growing initiative to help push forward the shipping world’s decarbonization. The insurers plan to link their underwriting activities into global shipping’s carbon emissions cuts. The insurance industry hopes that by making this move it will help to encourage the sector to go entirely green. In early November at the COP26 climate summit, countries including the United States pushed for the International Maritime Organization (IMO), the shipping agency…

Allianz becomes China’s first fully foreign-owned life insurance company

November 22, 2021November 19, 2021 Marc

The insurer created a joint venture that has become the first to receive approval of this nature. Allianz has announced that its Chinese life insurance company has received the necessary regulatory approval for becoming the first joint venture-created foreign-owned life insurer in the country. The sheer size of the Chinese market has made it an exceptionally appealing one to foreign insurers. Many financial institutions from countries around the world have been seeking to grow their presences within China. They are looking to enter or broaden their presence in the country’s…

Amazon to sell business insurance in the United Kingdom

September 30, 2021September 29, 2021 Marc

The marketplace has announced its intentions to begin selling to small- and medium-sized companies. Amazon.com Inc. has announced that it will begin selling business insurance to small- and medium-sized companies in the United Kingdom. This represents the first step the tech giant has taken into that market in the UK. The business insurance coverage will become available to members of Amazon’s Business Prime program. Those members will be able to purchase policies from Superscript that will include coverage such as contents, professional indemnity, and cyber. According to a spokesperson from…

Insurance companies take a powerful hit from severe weather in China

August 23, 2021August 19, 2021 Marc

Insurance companies - flooded streets in china

Severe flooding, earthquakes, hurricanes and other disasters are leading to massive catastrophic losses. Insurance companies are feeling more than just a pinch from providing coverage in China. The country has faced massive severe rainstorms, flooding and other disasters, and they are becoming increasingly commonplace. July’s flooding in Henan broke a record for single most costly event with $1.7 billion in insured losses. This has been particularly hard on insurance companies selling property and casualty coverage, said an S&P Global Ratings report tracking losses to August 3. The rainfall in Henan…

Insurance Agency Management Software: Criteria, Benefits, and Types

July 15, 2021 Guest Author

Insurance companies deal with a vast amount of data that needs to be managed. However, even with a well-managed workflow, it can be challenging to predict issues that’ll emerge. This is where insurance management software is good for. Keep up with this post to know how to choose the right software solution for insurance companies and what advantages these systems bring. The Key Criteria of Insurance Agency Management Software Insurance management systems include both CRM software and ERP software features. These tools boost effective business management. Their primary goal is…

Lloyds insurance communication failures lead to $125 million

July 12, 2021July 9, 2021 Marc

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

Category: International Insurance News